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Bandwidth Announces Third Quarter 2024 Financial Results

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Exceeded revenue and profitability guidance ranges

Raising full year 2024 guidance for revenue and profitability

RALEIGH, N.C., Oct. 31, 2024 /PRNewswire/ — Bandwidth Inc. (NASDAQ: BAND), a leading global enterprise cloud communications company, today announced financial results for the third quarter ended September 30, 2024.

“We’re pleased to report solid momentum carrying us into the end of the year, with record revenue and profitability performance, strong conversion to free cash flow and continued operating discipline,” said David Morken, CEO of Bandwidth. “These results are driven by the trust our customers place in us to deliver their business-critical services. We are excited by our new, next-generation Universal Platform as the foundation of our strong innovation roadmap, demonstrating a clear focus on the needs of the world’s largest enterprises.”

Third Quarter 2024 Financial Highlights

The following table summarizes the condensed consolidated financial highlights for the three and nine months ended September 30, 2024 and 2023 ($ in millions).

Three months ended
September 30,

Nine months ended

September 30,

2024

2023

2024

2023

Revenue

$        194

$        152

$        539

$        436

Gross Margin

38 %

39 %

38 %

40 %

Non-GAAP Gross Margin (1)

58 %

55 %

57 %

54 %

Adjusted EBITDA (1)

$           24

$           14

$           59

$           29

Free Cash Flow (1)

$           14

$           18

$           28

$             6

(1) Additional information regarding the Non-GAAP financial measures discussed in this release, including an explanation of these measures and how each is calculated, is included below under the heading “Non-GAAP Financial Measures.” A reconciliation of GAAP to Non-GAAP financial measures has also been provided in the financial tables included below.

“Bandwidth delivered a record third quarter, with growth across all our products and customer categories. Total revenue reached $194 million, marking a 28 percent increase, and Adjusted EBITDA grew to $24 million, representing a 74 percent increase year-over-year. Both metrics surpassed the upper range of our guidance, leading us to raise our full-year outlook on both the top and bottom lines” said Daryl Raiford, Bandwidth’s Chief Financial Officer. “Our priorities remain consistent: to serve and delight our customers, execute with precision and stay committed to long-term, profitable growth.”

Third Quarter Customer and Operational Highlights

Introduced the next-generation Universal Platform bringing the power of Bandwidth in one consistent global experience for all real-time communications needs, with new features, upgraded capabilities, and a modernized global network underpinning the platform to make it easier to consolidate and expand into new markets around the world.Bandwidth announced it now offers the largest ecosystem of bring-your-own-carrier (BYOC) integrations of any provider in the world within the Maestro communications platform – giving enterprises more ways to solve complex communications challenges.Bandwidth has registered as an RBM (RCS Business Messaging) partner with Google, setting itself up to enable RCS (Rich Communication Services) across all key markets.Bandwidth announced Number Reputation Management is coming soon as a solution to correct false “spam” labels and make sure enterprise’s urgent and important calls are displayed correctly so they can be answered.A high-volume patient engagement platform switched to Bandwidth for text messaging. They needed message deliverability assurance and message performance insights to ensure timely patient communications.A large, diversified credit union chose Bandwidth to provide voice services for its new, modernized on-premise contact center. Bandwidth’s all-IP network and Maestro platform made it easy for the customer to integrate with a modern tech stack and enables them to add new services in the future.

Financial Outlook

Bandwidth’s outlook is based on current indications for its business, which are subject to change. Bandwidth is providing guidance for its fourth quarter and full year 2024 as follows (in millions):

4Q 2024
Guidance

Full Year 2024
Guidance

Revenue

$198 – $208

$737 – $747

Adjusted EBITDA

$19 – $21

$78 – $80

Bandwidth has not reconciled its fourth quarter and full year 2024 guidance related to Adjusted EBITDA to GAAP net income or loss, because stock-based compensation cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

Upcoming Investor Conference Schedule

Barclays Global Technology Conference in San Francisco, CA. Meetings with John Bell, Chief Product Officer and Shiv Hira, EVP Finance on Wednesday, December 11th, 2024.

About Bandwidth Inc.

Bandwidth (NASDAQ: BAND) is a global cloud communications software company that helps enterprises deliver exceptional experiences through voice calling, text messaging and emergency services. Our solutions and our Communications Cloud, covering 65+ countries and over 90 percent of global GDP, are trusted by all the leaders in unified communications and cloud contact centers–including Amazon Web Services (AWS), Cisco, Google, Microsoft, RingCentral, Zoom, Genesys and Five9–as well as Global 2000 enterprises and SaaS builders like Docusign, Uber and Yosi Health. As a founder of the cloud communications revolution, we are the first and only global Communications Platform-as-a-Service (CPaaS) to offer a unique combination of composable APIs, AI capabilities, owner-operated network and broad regulatory experience. Our award-winning support teams help businesses around the world solve complex communications challenges to reach anyone, anywhere. For more information, visit www.bandwidth.com.

Earnings webcast
Bandwidth will host a webcast to discuss financial results for the third quarter ended September 30, 2024 on October 31, 2024. Details can be found below and on the investor section of its website at https://investors.bandwidth.com where a replay will also be available shortly following the event.

Webcast Details
October 31, 2024
8:00 am ET

To view live event and replay investors and analysts can register at investors.bandwidth.com

Forward-Looking Statements

This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, future financial and business performance for the quarter and year ending December 31, 2024, the success of our product offerings and our platform, and the value proposition of our products, are forward-looking statements. The words “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “intend,” “guide,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to our rapid growth and ability to sustain our revenue growth rate, competition in the markets in which we operate, market growth, our ability to innovate and manage our growth, our ability to expand effectively into new markets, macroeconomic conditions both in the U.S. and globally, legal, reputational and financial risks which may result from ever-evolving cybersecurity threats, our ability to operate in compliance with applicable laws, as well as other risks and uncertainties set forth in the “Risk Factors” section of our latest Form 10-K filed with the Securities and Exchange Commission (the “SEC”) and any subsequent reports that we file with the SEC. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, we cannot guarantee future results, levels of activity, performance, achievements or events and circumstances reflected in the forward-looking statements will occur. We are under no obligation to update any of these forward-looking statements after the date of this press release to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date of this press release.

Non-GAAP Financial Measures

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States, or GAAP, we provide investors with certain Non-GAAP financial measures and other business metrics, which we believe are helpful to our investors. We use these Non-GAAP financial measures and other business metrics for financial and operational decision-making purposes and as a means to evaluate period-to-period comparisons. We believe that these Non-GAAP financial measures and other business metrics provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making.

The presentation of Non-GAAP financial information and other business metrics is not meant to be considered in isolation or as a substitute for the directly comparable financial measures prepared in accordance with GAAP. While our Non-GAAP financial measures and other business metrics are an important tool for financial and operational decision-making and for evaluating our own operating results over different periods of time, we urge investors to review the reconciliation of these financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.

We define Non-GAAP gross profit as gross profit after adding back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation. We add back depreciation, amortization of acquired intangible assets related to acquisitions and stock-based compensation because they are non-cash items. We eliminate the impact of these non-cash items, because we do not consider them indicative of our core operating performance. Their exclusion facilitates comparisons of our operating performance on a period-to-period basis. Therefore, we believe that showing gross margin, as adjusted to remove the impact of these non-cash expenses, is helpful to investors in assessing our gross profit and gross margin performance in a way that is similar to how management assesses our performance. We calculate Non-GAAP gross margin by dividing Non-GAAP gross profit by cloud communications revenue, which is revenue less pass-through messaging surcharges.

We define Non-GAAP net income (loss) as net income or loss adjusted for certain items affecting period to period comparability. Non-GAAP net income (loss) excludes stock-based compensation, amortization of acquired intangible assets related to acquisitions, amortization of debt discount and issuance costs for convertible debt, acquisition related expenses, impairment charges of intangibles assets, net cost associated with early lease terminations and leases without economic benefit, (gain) loss on sale of business, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, non-recurring items not indicative of ongoing operations and other, and estimated tax impact of above adjustments, net of valuation allowances.

We define Adjusted EBITDA as net income or losses from continuing operations, adjusted to reflect the addition or elimination of certain statement of operations items including, but not limited to: income tax (benefit) provision, interest (income) expense, net, depreciation and amortization expense, acquisition related expenses, stock-based compensation expense, impairment of intangible assets, (gain) loss on sale of business, net cost associated with early lease terminations and leases without economic benefit, net (gain) loss on extinguishment of debt, gain on business interruption insurance recoveries, and non-recurring items not indicative of ongoing operations and other. We have presented Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, generate future operating plans, and make strategic decisions regarding the allocation of capital. In particular, we believe that the exclusion of certain items in calculating Adjusted EBITDA can produce a useful measure for period-to-period comparisons of our business.

We define free cash flow as net cash provided by or used in operating activities less net cash used in the acquisition of property, plant and equipment and capitalized development costs for software for internal use. We believe free cash flow is a useful indicator of liquidity and provides information to management and investors about the amount of cash generated from our core operations that can be used for investing in our business. Free cash flow has certain limitations in that it does not represent the total increase or decrease in the cash balance for the period, it does not take into consideration investment in long-term securities, nor does it represent the residual cash flows available for discretionary expenditures. Therefore, it is important to evaluate free cash flow along with our condensed consolidated statements of cash flows.

We believe that these Non-GAAP financial measures provide useful information about our operating results, enhance the overall understanding of past financial performance and future prospects and allow for greater transparency with respect to metrics used by our management in its financial and operational decision-making. While a reconciliation of Non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis as a result of the uncertainty regarding, and the potential variability of, many of these costs and expenses that we may incur in the future, we have provided a reconciliation of Non-GAAP financial measures and other business metrics to the nearest comparable GAAP measures in the accompanying financial statement tables included in this press release.

 

BANDWIDTH INC.

Condensed Consolidated Statements of Operations

(In thousands, except share and per share amounts)

(Unaudited)

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Revenue

$               193,883

$               152,013

$               538,518

$               435,731

Cost of revenue

120,749

92,514

335,071

261,624

Gross profit

73,134

59,499

203,447

174,107

Operating expenses

Research and development

30,171

24,792

87,215

75,305

Sales and marketing

26,285

25,011

81,490

75,794

General and administrative

17,576

15,843

52,130

48,430

Total operating expenses

74,032

65,646

220,835

199,529

Operating loss

(898)

(6,147)

(17,388)

(25,422)

Other income, net

577

798

11,358

16,819

Loss before income taxes

(321)

(5,349)

(6,030)

(8,603)

Income tax benefit

734

219

1,265

3,194

Net income (loss)

$                      413

$                 (5,130)

$                 (4,765)

$                 (5,409)

Net income (loss) per share:

Basic

$                     0.02

$                   (0.20)

$                   (0.18)

$                   (0.21)

Diluted

$                     0.01

$                   (0.20)

$                   (0.18)

$                   (0.21)

Weighted average number of common shares outstanding:

Basic

27,374,367

25,613,441

26,983,931

25,539,642

Diluted

28,615,520

25,613,441

26,983,931

25,539,642

The Company recognized total stock-based compensation expense as follows:

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Cost of revenue

$                      352

$                      182

$                   1,123

$                      578

Research and development

4,606

2,822

14,606

9,278

Sales and marketing

1,744

1,160

6,014

3,825

General and administrative

4,747

2,778

13,405

8,644

Total

$                 11,449

$                   6,942

$                 35,148

$                 22,325

 

BANDWIDTH INC.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

As of September 30,

As of December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$                       74,940

$                     131,987

Marketable securities

4,967

21,488

Accounts receivable, net of allowance for doubtful accounts

99,616

78,155

Deferred costs

3,806

4,155

Prepaid expenses and other current assets

15,333

16,990

Total current assets

198,662

252,775

Property, plant and equipment, net

170,131

177,864

Operating right-of-use asset, net

152,559

157,507

Intangible assets, net

159,254

166,914

Deferred costs, non-current

4,511

4,586

Other long-term assets

4,244

5,530

Goodwill

340,387

335,872

Total assets

$                  1,029,748

$                  1,101,048

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$                       20,557

$                       34,208

Accrued expenses and other current liabilities

94,414

69,014

Current portion of deferred revenue

7,020

8,059

Advanced billings

3,304

6,027

Operating lease liability, current

3,360

5,463

Line of credit, current portion

25,000

Total current liabilities

153,655

122,771

Other liabilities

360

386

Operating lease liability, net of current portion

219,705

220,548

Deferred revenue, net of current portion

8,133

8,406

Deferred tax liability

30,348

33,021

Convertible senior notes

280,972

418,526

Total liabilities

693,173

803,658

Stockholders’ equity:

Class A and Class B common stock

28

26

Additional paid-in capital

426,757

391,048

Accumulated deficit

(69,655)

(64,890)

Accumulated other comprehensive loss

(20,555)

(28,794)

Total stockholders’ equity

336,575

297,390

Total liabilities and stockholders’ equity

$                  1,029,748

$                  1,101,048

 

BANDWIDTH INC.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

Nine months ended September 30,

2024

2023

Cash flows from operating activities

Net loss

$                        (4,765)

$                        (5,409)

Adjustments to reconcile net loss to net cash provided by operating activities

Depreciation and amortization

37,138

29,687

Non-cash reduction to the right-of-use asset

2,759

5,227

Amortization of debt discount and issuance costs

1,332

1,995

Stock-based compensation

35,148

22,325

Deferred taxes and other

(4,249)

(5,902)

Gain on sale of intangible asset

(1,000)

Net gain on extinguishment of debt

(10,267)

(12,767)

Changes in operating assets and liabilities:

Accounts receivable, net of allowances

(21,318)

(654)

Prepaid expenses and other assets

2,482

2,102

Accounts payable

(11,940)

4,164

Accrued expenses and other liabilities

24,991

(13,031)

Operating right-of-use liability

(2,946)

(8,004)

Net cash provided by operating activities

47,365

19,733

Cash flows from investing activities

Purchase of property, plant and equipment

(10,636)

(5,287)

Refund of deposits for construction in progress

2,707

Capitalized software development costs

(8,571)

(8,384)

Purchase of marketable securities

(32,081)

(60,625)

Proceeds from sales and maturities of marketable securities

48,649

100,109

Proceeds from sale of business

624

1,070

Proceeds from sale of intangible assets

1,000

Net cash provided by investing activities

1,692

26,883

Cash flows from financing activities

Borrowings on line of credit

165,500

Repayments on line of credit

(140,500)

Payments on finance leases

(68)

(124)

Net cash paid for debt extinguishment

(128,534)

(51,259)

Payment of debt issuance costs

(379)

(696)

Proceeds from exercises of stock options

128

413

Value of equity awards withheld for tax liabilities

(2,291)

(1,056)

Net cash used in financing activities

(106,144)

(52,722)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

41

(887)

Net decrease in cash, cash equivalents, and restricted cash

(57,046)

(6,993)

Cash, cash equivalents, and restricted cash, beginning of period

132,307

114,622

Cash, cash equivalents, and restricted cash, end of period

$                       75,261

$                     107,629

 

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

 

Non-GAAP Gross Profit and Non-GAAP Gross Margin

 

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Gross Profit

$            73,134

$            59,499

$          203,447

$          174,107

Gross Profit Margin %

38 %

39 %

38 %

40 %

Depreciation

4,679

4,056

14,135

11,790

Amortization of acquired intangible assets

1,977

1,959

5,877

5,863

Stock-based compensation

352

182

1,123

578

Non-GAAP Gross Profit

$            80,142

$            65,696

$          224,582

$          192,338

Non-GAAP Gross Margin % (1)

58 %

55 %

57 %

54 %

________________________

(1) Calculated by dividing Non-GAAP gross profit by cloud communications revenue of $139 million and $396 million in the three and nine months ended September 30, 2024, respectively, and $120 million and $353 million for the three and nine months ended September 30, 2023, respectively.

 

BANDWIDTH INC.

Reconciliation of Non-GAAP Financial Measures

(In thousands, except share and per share amounts)

(Unaudited)

 

Non-GAAP Net Income

 

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Net income (loss)

$                      413

$                 (5,130)

$                 (4,765)

$                 (5,409)

Stock-based compensation

11,449

6,942

35,148

22,325

Amortization of acquired intangibles

4,436

4,348

13,133

12,960

Amortization of debt discount and issuance costs for convertible debt

311

484

1,180

1,520

Net cost associated with early lease terminations and leases without economic benefit

350

1,175

2,383

1,175

Net gain on extinguishment of debt

(10,267)

(12,767)

Gain on business interruption insurance recoveries

(4,000)

Non-recurring items not indicative of ongoing operations and other (1)

(957)

54

(828)

793

Estimated tax effects of adjustments (2)

(3,211)

(1,526)

(6,654)

(4,661)

Non-GAAP net income

$                 12,791

$                   6,347

$                 29,330

$                 11,936

Interest expense on Convertible Notes (3)

251

317

868

971

Numerator used to compute Non-GAAP diluted net income per share

$                 13,042

$                   6,664

$                 30,198

$                 12,907

Net income (loss) per share

Basic

$                     0.02

$                   (0.20)

$                   (0.18)

$                   (0.21)

Diluted

$                     0.01

$                   (0.20)

$                   (0.18)

$                   (0.21)

Non-GAAP net income per Non-GAAP share

Basic

$                     0.47

$                     0.25

$                     1.09

$                     0.47

Diluted

$                     0.43

$                     0.23

$                     0.98

$                     0.44

Weighted average number of shares outstanding

Basic

27,374,367

25,613,441

26,983,931

25,539,642

Diluted

28,615,520

25,613,441

26,983,931

25,539,642

Non-GAAP basic shares

27,374,367

25,613,441

26,983,931

25,539,642

Convertible debt conversion

1,779,025

3,317,023

2,503,118

3,484,424

Stock options issued and outstanding

25,021

20,360

28,785

47,345

Nonvested RSUs outstanding

1,216,132

1,430,317

Non-GAAP diluted shares

30,394,545

28,950,824

30,946,151

29,071,411

________________________

(1) Non-recurring items not indicative of ongoing operations and other include (i) $1.0 million gain on the sale of an intangible asset and less than $0.1 million of losses on disposals of property, plant and equipment during the three months ended September 30, 2024, (ii) $0.1 million of losses on disposals of property, plant and equipment during the three months ended September 30, 2023, (iii) $1.0 million gain on the sale of an intangible asset and $0.2 million of losses on disposals of property, plant and equipment during the nine months ended September 30, 2024, and (iv) $0.4 million of expense resulting from the early termination of our undrawn SVB credit facility and $0.4 million of losses on disposals of property, plant and equipment during the nine months ended September 30, 2023.

(2) The estimated tax-effect of adjustments is determined by recalculating the tax provision on a Non-GAAP basis. The Non-GAAP effective income tax rate was 15.5% and 11.0% for the nine months ended September 30, 2024 and 2023, respectively. For the nine months ended September 30, 2024, the Non-GAAP effective income tax rate differed from the federal statutory tax rate of 21% in the U.S. primarily due to the research and development tax credits generated in 2024. We analyze the Non-GAAP valuation allowance position on a quarterly basis. In the fourth quarter of 2022, we removed the valuation allowance against all U.S. deferred tax assets for Non-GAAP purposes as a result of cumulative Non-GAAP U.S. income over the past three years and a significant depletion of net operating loss and tax credit carryforwards on a Non-GAAP basis. As of September 30, 2024, we have no valuation allowance against our remaining deferred tax assets for Non-GAAP purposes.

(3) Non-GAAP net income is increased for interest expense as part of the calculation for diluted Non-GAAP earnings per share.

 

Adjusted EBITDA

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Net income (loss)

$                      413

$                 (5,130)

$                 (4,765)

$                 (5,409)

Income tax benefit

(734)

(219)

(1,265)

(3,194)

Interest expense (income), net

1,025

(59)

1,090

1,177

Depreciation

7,989

6,647

24,005

16,727

Amortization

4,436

4,348

13,133

12,960

Stock-based compensation

11,449

6,942

35,148

22,325

Net cost associated with early lease terminations and leases without economic benefit

350

1,175

2,383

1,175

Net gain on extinguishment of debt

(10,267)

(12,767)

Gain on business interruption insurance recoveries

(4,000)

Non-recurring items not indicative of ongoing operations and other (1)

(957)

54

(828)

391

Adjusted EBITDA

$                 23,971

$                 13,758

$                 58,634

$                 29,385

________________________

(1) Non-recurring items not indicative of ongoing operations and other include (i) $1.0 million gain on the sale of an intangible asset and less than $0.1 million of losses on disposals of property, plant and equipment during the three months ended September 30, 2024, (ii) $0.1 million of losses on disposals of property, plant and equipment during the three months ended September 30, 2023, (iii) $1.0 million gain on the sale of an intangible asset and $0.2 million of losses on disposals of property, plant and equipment during the nine months ended September 30, 2024, and (iv) $0.4 million of losses on disposals of property, plant and equipment during the nine months ended September 30, 2023.

 

Free Cash Flow

Three months ended September 30,

Nine months ended September 30,

2024

2023

2024

2023

Net cash provided by operating activities

$                 20,464

$                 23,001

$                 47,365

$                 19,733

Net cash used in investing in capital assets (1)

(6,219)

(4,811)

(19,207)

(13,671)

Free cash flow

$                 14,245

$                 18,190

$                 28,158

$                   6,062

________________________

(1) Represents the acquisition cost of property, plant and equipment and capitalized development costs for software for internal use.

 

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SOURCE Bandwidth Inc.

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Technology

Macrogen Consortium win tender for National Bio Big Data Project

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Illumina is proud to be selected as sequencing technology partner to the Macrogen Consortium.

SEOUL, South Korea, Dec. 23, 2024 /PRNewswire/ — Macrogen a global healthcare company that specializes in precision medicine and Illumina Inc. (NASDAQ: ILMN), a global leader in DNA sequencing and array-based technologies, announced today that they are honoured to support the National Bio Big Data project by sequencing and analysing 145,952 Korean genomes.

The National Bio Big Data Project project has been running in Korea as a pilot project since 2020. During this period about 20,000 genomes were analysed, 10,000 of these including people with a rare disease. The ultimate goal is to enable precision medicine by building a reference genome for about 770,000 Koreans by 2028 and a total of 1 million by 2032.  

“Being a part of this step change to improving public health in Korea through the voluntary collection and analysis of genomic, clinical and life record information from the general public, is paramount to ensure precision medicine becomes a standard of care for all Koreans,” said Changhoon Kim, CEO Macrogen.

“Illumina is pleased to be a part of the Korean bio industry ecosystem and to participate in such an important national project. We look forward to contributing to Korea by bringing our expertise and lessons learned from our direct involvement in leading pop gen projects around the world,” said Robert McBride, General Manager of Illumina Korea.

People across the globe have very similar genes but a small number of variants between populations can impact health. For example, some variants are associated closely with particular diseases such as cystic fibrous.[1]These variants can present differently in populations and have a significant impact on how individuals respond to medicines and treatments. Therefore, it is beneficial for Koreans to have information available that is unique to them.

Worldwide, the number of pop gen projects is expanding rapidly, including the UK, Japan, Singapore, Qatar, the United Arab Emirates, and Nigeria.

“Population genome projects are growing worldwide with many programs reaching significant milestones. But despite this inequity remains with the majority of genome datasets being of European descent. This means we have a lot of information how to develop drugs for European populations but this doesn’t translate in any meaningful way to other nationalities, said Robert McBride.

Population genomics provides a platform for industry engagement and investment, specifically in the pharmaceutical, biotechnology, and data sectors. By integrating large, diverse data sets and using advanced computing technology (such as artificial intelligence or machine learning), health systems and partners are optimally positioned to unlock the power of the genome even further, while improving quality of life and care and fostering economic growth.

“Precision medicine is changing how diseases are treated and this benefits everyone. For patients, treatments often work better when decisions are based around an individual’s genome, for drug companies it can reduce cost of development and for governments there are long term savings related to less waste and healthier patients,” said Changhoon Kim.

References

[1] https://www.genome.gov/about-genomics/educational-resources/fact-sheets/human-genomic-variation#:~:text=How%20do%20peoples’%20genomes%20vary,person%20responds%20to%20certain%20medications.

About Macrogen

Macrogen is a global genetic service provider, partnered with over 18,000 scientists in 150+ countries, and with more than 20 years of experience in the industry.

Established in 1997, from the Genome Medical Research Institute of Seoul National University, Macrogen has become a major service provider and consulting agent for government agencies, universities and research institutes around the world.

About Illumina

Illumina is improving human health by unlocking the power of the genome. Our focus on innovation has established us as a global leader in DNA sequencing and array-based technologies, serving customers in the research, clinical, and applied markets. Our products are used for applications in the life sciences, oncology, reproductive health, agriculture, and other emerging segments. To learn more, visit www.illumina.com and connect with us on X (Twitter), Facebook, LinkedIn, Instagram, TikTok, and YouTube

About the Consortium

Macrogen Consortium members include the following companies: DNA Link, Theragen Bio, and CG Invites

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SOURCE Illumina

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As 2025 IRS Mileage Rate Hits 70 Cents, Expert Warns: Ditch Risky Apps for Secure Paper Tracking

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Gig economy expert Ed Ryder warns against the risks of mileage tracking apps, and advocates using paper-based tracking methods instead. He introduces The Big Mileage Form, a secure alternative developed over two years to meet the specific needs of food delivery gig workers. Ryder highlights recent tech failures, like the July 2024 global IT outage, to underscore the vulnerabilities of digital solutions. The press release also mentions Ryder’s significant mileage deduction using his form and directs readers to GigCoach.net for additional resources, including a consumer tutorial to drive better food delivery outcomes and a gig coach training program.

PHILADELPHIA, Dec. 22, 2024 /PRNewswire-PRWeb/ — As the IRS announces a standard mileage rate of 70 cents per mile for 2025, gig economy expert Ed Ryder, who has completed over 10,000 deliveries with his own car using major food delivery platforms, urges fellow gig workers to reconsider their mileage tracking methods. While acknowledging the convenience of digital solutions, Ryder advocates for a return to secure, paper-based tracking to protect valuable mileage deductions.

With the mileage rate at 70 cents, accurate tracking is crucial for gig workers and small business owners. Mileage apps seem convenient, but they risk data loss from outages, glitches, and cyber attacks. Many overlook these significant dangers.

“With the mileage rate increasing to 70 cents, accurate tracking is more crucial than ever for gig workers and small business owners,” says Ryder, creator of The Big Mileage Form. “While mileage tracking apps seem convenient, they come with significant risks that many overlook. Network outages, app glitches, and cyber attacks can jeopardize months of data.”

Ryder points to the July 2024 global IT outage as a prime example of technology’s vulnerabilities. “A faulty software update caused mass airline disruptions and impacted other industries, catching major corporations off guard. This incident highlights that even in our digital age, software isn’t infallible. For me, I simply won’t trust mileage tracking apps with my most important tax deduction.”

To address these concerns, Ryder developed a comprehensive, paper-based solution. “I spent two years perfecting The Big Mileage Form, tailoring it to the specific needs of food delivery gig workers,” he explains. “At 11×17 inches, it provides ample space for detailed record-keeping and, crucially, it’s immune to software glitches, data breaches, and ransomware attacks.”

Ryder’s meticulous paper-based record-keeping resulted in a mileage deduction exceeding $19,000 on his 2023 federal taxes. “All my business-related miles are thoroughly documented on paper. I’m fully prepared to defend this deduction in case of an audit. This level of confidence is what I aim to provide other gig workers.”

“In today’s digital age, sometimes the most secure solution is the simplest one,” Ryder concludes. “My form not only ensures data security but also prepares users for potential IRS audits. It’s time to reconsider the old-fashioned, but reliable pen-and-paper method.”

For those interested in learning more about effective mileage tracking and other aspects of gig work, Ryder offers valuable resources on GigCoach.net. These include a tutorial for consumers titled ‘Fair Deal Delivery,’ which provides insights on how to improve food delivery outcomes. Additionally, experienced food delivery couriers can explore Ryder’s gig coach training program. Visit GigCoach.net to access these resources and learn more about The Big Mileage Form.

Media Contact

Ed Ryder, Match Experiment LLC, 1 484-493-8740, hello@ideamaned.com, gigcoach.net

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SOURCE Gig economy expert Ed Ryder

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DATA BREACH ALERT: Edelson Lechtzin LLP Is Investigating Claims On Behalf Of Ascension Health Customers Whose Data May Have Been Compromised

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NEWTOWN, Pa., Dec. 22, 2024 /PRNewswire/ — The law firm of Edelson Lechtzin LLP is investigating claims regarding data privacy violations by Ascension Health (“Ascension”). Ascension learned of suspicious activity on or about May 8, 2024. To join this case, go HERE.

About Ascension Health

Ascension is a prominent non-profit health system in the nation and operates under Catholic principles.

What happened?

On or about May 8, 2024, Ascension detected unauthorized activity in its computer systems. Ascension initiated an investigation, which included retaining consulting cybersecurity experts and notifying the FBI. The investigation determined that between May 7 and 8, 2024, a cybercriminal accessed files containing personal information about Ascension’s patients and employees. This information included names, medical records, payment details, insurance information, government identification numbers, and other personal data such as dates of birth and addresses. Approximately 6 million individuals have been affected by this data breach.

How can I protect my personal data?

If you receive a data breach notification, you must guard against possible misuse of your personal information, including identity theft and fraud, by regularly reviewing your account statements and monitoring your credit reports for suspicious or unauthorized activity. Additionally, you should consider legal options for mitigating such risks.

Edelson Lechtzin LLP is investigating a class action lawsuit to seek legal remedies for customers whose sensitive personal and patient data may have been compromised by the Ascension data breach.

For more information, please contact:

Marc H. Edelson, Esq.
EDELSON LECHTZIN LLP
411 S. State Street, Suite N-300
Newtown, PA 18940
Phone: 844-696-7492
Email: medelson@edelson-law.com
Web:  www.edelson-law.com 

About Edelson Lechtzin LLP
Edelson Lechtzin LLP is a national class action law firm with offices in Pennsylvania and California. In addition to cases involving data breaches, our lawyers focus on class and collective litigation in cases alleging securities and investment fraud, violations of the federal antitrust laws, employee benefit plans under ERISA, wage theft and unpaid overtime, consumer fraud, and catastrophic injuries.

This press release may be considered Attorney Advertising in some jurisdictions. No class has been certified in this case, so counsel does not represent you unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing now. Your ability to share in any potential future recovery does not depend on serving as lead plaintiff.

View original content to download multimedia:https://www.prnewswire.com/news-releases/data-breach-alert-edelson-lechtzin-llp-is-investigating-claims-on-behalf-of-ascension-health-customers-whose-data-may-have-been-compromised-302337976.html

SOURCE Edelson Lechtzin LLP

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